Mellon Financial has replaced the chief investment officer of its US mutual fund business Dreyfus, following a restructuring this year which left the group managing only a small portion of its assets in-house.

Stephen Byers, who has been chief investmentment officer since 2002, will leave Dreyfus. He has been replaced by head of alternative investments, Phil Maisano. Maisano joined Mellon when the group acquired his fund of hedge funds business, EACM Advisors, in 2004.